Tovuti LMS Announces $8 Million Series A Funding Round
Funding validates modern approach to LMS; enables Boise-based company to accelerate product, customer service and sales across the country
Tovuti, Inc., an industry leading SaaS learning management system (“LMS”), announced that it has received a $8 million growth equity investment. Blueprint Equity and ScOp Venture Capital led the Series A round for the Idaho-based company. Tovuti helps some of the world’s largest organizations like HCL, Summit Mortgage, VMG, Shakeys Pizza and Brightstar, transfer knowledge and accelerate learning curves in order to scale seamlessly. As hybrid workforces continue to become mainstream, the digital transfer of knowledge throughout teams and companies has become increasingly important.
“It’s humbling to achieve validation from two of the greatest investment firms around that a company focused on an awesome team culture, superior client experience, and building some of the most innovative technology in the learning experience space can prevail in today’s tech environment. ScOp Venture’s and Blueprint Equity’s investments in Tovuti speak volumes to what we have built thus far and will enable us to enhance our clients’ online learning environments in order to develop the best possible outcomes from online learning,” said Tovuti Founder and CEO Troy McClain.
Tovuti is built on the belief that developing learning management programs should be simple for the administrator to implement and effective for employees to use. As Tovuti evolves from a full service LMS into a next generation learning experience platform, it will create next-level learning environments that are engaging and educational for the end users. It will also allow companies to design and manage engaging courses for their entire learning and training program in one place. These developments will position Tovuti as the one of the best learning platform brands in the world.
“Tovuti experienced 3x year-over-year growth last year and is on pace to continue growing rapidly in 2021. Though, what really stuck out to us was Tovuti’s unmatched culture that has reverberated with employees and clients. It’s no surprise they received the “Best Place to Work in Idaho” in both 2020 and 2021,” said Sheldon Lewis, Managing Partner of Blueprint, who joined the Company’s Board.
Kevin O’Connor, Managing Partner of ScOp Venture Capital, who also joined Tovuti’s board and considered to be one of the leaders in technology innovation says, “Building something out of nothing is not impossible, but certainly few have been able to discover the true process to map innovation all the way to success. What Troy and the Tovuti team have shown us is they have what it takes to build this next-generation LMS software. We love the software, we love the team, we love the culture, and we love Boise. It is a great match for us top to bottom.”
Currently at 35 full time employees, Tovuti will leverage this funding to grow its engineering, development, and client support teams throughout to better serve customers, add new software features and scale the business. Tovuti’s online learning environment is used by more than 300 enterprise companies across the globe to design, implement, and track the success of employee training courses and interact with both internal teams and external vendors and customers.
“From the beginning our motto has been to inspire, uplift and serve our clients, team members, community and the world alike. We believe placing people at the center of our focus will create a positive outcome every time and this round of funding will allow us to do even more of that,” said McClain.